Stepped Up Basis in ProSytems

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#1
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25
Joined:
8-Dec-2017 6:46pm
Location:
Los Angeles
I'm the new guy in a firm full of brilliant CPA's and I hate asking dumb new guy questions...So here's my dumb new guy question: Where the heck do you input stepped basis in Prosystems?? Thanks in advance!!
 

#2
Posts:
3694
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21-Apr-2014 11:24am
Location:
North Carolina
Details on the type of transaction you are attempting to enter would be helpful. As a general guide, check out all the narrow boxes and look at the options for each one. Mind you, I last used Prosystem for 2015 returns and only for personal.
 

#3
Doug M  
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3558
Joined:
22-Apr-2014 1:09pm
Location:
Oregon
I use prosystem and this is what I do. Lets say you have a stepped up basis in rental property when one spouse died. Since CA is a CP state, you have 100% step-up.

Force regular depreciation to be taken up to the DOD on the old assets on the depreciation schedule. These will be gone in next years proforma.

Input new (separate) land and building etc for the asset portion stepped up with a date acquired as DOD of the spouse. (and I list Building-Basis step up $xxx,xxx)
 

#4
Posts:
314
Joined:
2-Jun-2014 11:11am
Location:
Long Island, NY
need more info. is the Step up allicable to all other partners or just some of them. If some then you have to specially allocate the additional depreciation to just those partners and becomes a box 13W entry.
 

#5
jon  
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1535
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3-May-2014 11:11am
Location:
minnesota
If it is a partnership you first have to find out if they have a 754 election in place, and if not are they know going to elect to do so - stays in affect for the future. Usually then the step up usually only changes the partners specifically involved.
 


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